US and China announce deal to cut reciprocal tariffs for 90 days

The U.S. and China issued a joint statement on Monday announcing an agreement to cut reciprocal tariffs for 90 days, with both sides “recognizing the importance of a sustainable, long-term, and mutually beneficial economic and trade relationship.”

The Monday announcement followed two days of talks in Geneva, Switzerland, that both sides described as successful.

In a media briefing on Sunday, Chinese Vice Premier He Lifeng said trade talks with the U.S. “achieved substantial progress and reached important consensus.”

Earlier Sunday, the White House said that it reached a deal without providing any details.

While U.S. Trade Representative Jamieson Greer called it a “deal,” Treasury Secretary Scott Bessent, who was in Switzerland for the talks with Greer, said only that “substantial progress” had been made.

This is a developing story. Please check back for updates.

ABC News’ Lauren Minore and Hannah Demissie contributed to this report.